If you're thinking about starting or creating a business, you (hopefully) have an idea that will fill a void in the current marketplace, and when you plan to start this business you should ask yourself “What is it the business that would make customers buy from me instead of my competitors?"
Growing your business without understanding your competitors is risky, in simple terms; the competitors can be identified as those companies or business that offers similar products or services to the same customers at similar prices. These can be either direct or indirect competitors.
On the other hand, knowing and understanding customer needs is at the center of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests. As we know customers now have a wide range of information and experience at their disposal and have the means to research which product is good or bad and might be provide the best value for their needs and wants.
The more you know about your customers, the more effective your sales and marketing efforts will be. It's well worth making the effort to find out Ten things we should know about our customers
Who they are
If you sell directly to individuals, find out your customers' gender, age, marital status and occupation. If you sell to other businesses, find out what size and kind of business they are. For example, are they a small private company or a big multinational?
What they do
If you sell directly to individuals, it's worth knowing their occupations and interests. If you sell to other businesses, it helps to have an understanding of what their business is trying to achieve.
Why they buy
If you know why customers buy a product or service, it's easier to match their needs to the benefits your business can offer.
When they buy
If you approach a customer just at the time they want to buy, you will massively increase your chances of success.
How they buy
For example, some people prefer to buy from a website, while others prefer a face-to-face meeting.
How much money they have
You'll be more successful if you can match what you're offering to what you know your customer can afford.
What makes them feel good about buying
If you know what makes them tick, you can serve them in the way they prefer.
What they expect of you
For example, if your customers expect reliable delivery and you don't disappoint them, you stand to gain repeat business.
What they think about you
If your customers enjoy dealing with you, they're likely to buy more. And you can only tackle problems that customers have if you know what they are.
What they think about your competitors
If you know how your customers view your competition, you stand a much better chance of staying ahead of your rivals.
From my perspective, I find it is difficult for small-business owners to clearly define what makes their businesses different and even more difficult to communicate this to potential customers. Businesses that are able to differentiate themselves from the competition have a much better chance of success than businesses that bring nothing special to the market.
If you want to improve your chances of having a successful and growing business, spend time identifying what makes your business special. Determine what you need to do to make your business stand out among your competition in the minds of your customers.
For example, some businesses stand out by bringing innovative solutions to their customers. These businesses spend a great amount of time researching the wants and needs of their target markets and developing new technology and products.
Using marketing mix model (product, price, promotion) have helped the business to differentiate effectively in the marketplace and your business is being something remarkable. That's how it will get noticed, get publicity, get word of mouth, get new customers and create loyal fans. I would say being different is desirable. It's a good thing. Not only do you want to be different in order to stand out from your competitors, you want to be radically different. You want to be the "only."
For instance, such businesses are known for solving problems and improving the quality of life for their customers. Samsung is a good example to introduce in this post, it is a company that regularly brings different technologies to the market and has developed a loyal following of enthusiastic customers, who many times can't wait to get their hands on the latest Samsung products because of the product itself, price and promotions they offer. Am I right?
I would like to give another example about the marketing mix model that adopted by a well-known company in the world that deliver their products or services to customers economically, quickly and conveniently. Their efficient operations produce consistent products at reasonable prices. Businesses such as McDonald's have mastered this concept and serve millions of customers each day, customers who return because they know what to expect and how it will be delivered.
Other think we should keep on mind to differentiate from competitors is Reputation. Your reputation is what other people think about you. It may be based on a number of factors: the quality of your products or service, how you treat others (including business partners, workers, and the environment), and most importantly, your values as an organization and how you express them. While you can shape your voice or design, your reputation ultimately resides in the minds of other people.
They make the final decision whether they admire you, fear you, respect you or love you. Microsoft, the U.N., Calgary City, Real Madrid, the Catholic Church, and other institutions can do many things to shape how they are perceived, but they can't completely control that impression.
One's reputation also differs in the minds of different people: your mother probably does not think of you the same way your boss might.
It's also important to remember that your reputation is affected by who you associate with. For example, tobacco companies might be highly profitable, but they do not attract many partners. Other companies try to associate their brands with certain geographical locations (consider Swiss chocolate, German engineering, or Hollywood movies). And yet others try to associate with charities and causes to improve their reputations. Consider the reputation of this school: how would you define it?
When defining the reputation of a company, it's important to research what other people think about it, NOT what the company says about itself.
Know what makes your business special and make sure your customers know it, too.
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